$534 Million Budget Approved by Atlanta Housing for New Affordable Units

Atlanta Housing has taken a significant step towards addressing the city’s affordable housing crisis by setting a budget of $534 million for the upcoming fiscal year. This budget aims to fund more affordable housing units, marking a historic investment by the Atlanta Housing Board of Commissioners, who voted unanimously to approve the plan.

Atlanta Housing Board of Commissioners | Image from Atlanta Housing

The balanced budget will support Atlanta Housing’s 2023 to 2027 strategic plan and provide funding to assist approximately 21,855 households. According to officials, nearly $160 million of the budget will be dedicated to housing construction projects, resulting in the creation of 1,350 new affordable housing units—the highest number in the agency’s history. Additionally, $158.7 million will be allocated to preserve 1,114 existing affordable units.

Historic Investment for Affordable Housing

Atlanta Housing’s President and CEO, Terri M. Lee, emphasized the transformative impact of this budget. “The FY 2025 Budget demonstrates Atlanta Housing’s focus on using housing as a platform to uplift families on their journey to achieving economic and lifestyle independence and helping our seniors age gracefully in place,” Lee said. The budget aims to create vibrant and inclusive communities in Atlanta, with strategies to support families in amenity-rich environments.

Major Redevelopment Projects

Significant progress is expected on transformational projects, including the Civic Center, Englewood, and Bowen redevelopments. The new budget represents an increase of over $46 million from the FY 2024 budget, allowing for continued advancement in the development of former public housing sites and vacant land owned by Atlanta Housing.

Comprehensive Funding for Housing Support

In addition to construction and preservation efforts, the budget includes $284.1 million for housing assistance and public subsidy payments, reflecting a $30.9 million increase from the previous year. This funding will also support 224 Atlanta residents in making down payments on their first homes, helping them overcome barriers and build inter-generational wealth through homeownership.

Collaboration and Future Impact

Atlanta Housing Board Chair Larry Stewart highlighted the collaborative efforts behind the budget’s approval. “Atlanta Housing has evolved into a more than half a billion-dollar organization with the capacity for driving innovation and development that will reshape the city and revitalize our historic legacy communities,” Stewart said. The strategic and rigorous collaboration between the Board of Commissioners, executive leadership, and staff, particularly the Audit and Finance Committee Chair Duriya Farooqui, was pivotal in finalizing the budget.

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The Atlanta Housing $534 million budget is set to make a profound impact on the city’s housing landscape, funding more affordable housing units than ever before. By supporting the construction and preservation of affordable units and providing extensive housing assistance, this budget aims to enhance the lives of Atlanta’s residents and transform communities across the city.